Sheng Siong’s CEO, Lim Hock Chee, received a significant pay increase of 20.6 per cent in FY2024, bringing his total compensation to $7.06 million.
This marks a sharp rise from his previous year’s total of $5.86 million.
Despite external economic challenges, Sheng Siong continued its strong performance, with a net profit increase of 2.9 per cent and revenue growth of 4.5 per cent, reaching $1.4 billion.
Lim’s compensation package includes a base salary of $373,000, a substantial $6.66 million variable bonus, and benefits amounting to $16,000.
His brothers, who hold executive roles within the company, received similar compensation close to $7 million each.
Despite strong internal growth, stock prices for Sheng Siong experienced a dip following the announcement, with shares falling 3.6 per cent on Monday (7 April), reflecting the broader market downturn.
The company’s robust financial results were highlighted by the opening of six new stores in Singapore and one in Kunming, China.
This expansion brought Sheng Siong’s total store count to 75, exceeding its annual target.
With geopolitical tensions and trade conflicts continuing to pose risks, Lim emphasised the company’s resilience-building strategies, such as investing in automation and optimising its sales mix to improve profit margins.
Lim also noted that Sheng Siong’s future growth strategy includes cautious expansion in the China market, with a focus on sustainable growth.
The company is also monitoring emerging opportunities, such as the acquisition of DFI Retail’s supermarkets, which could reduce competition and help Sheng Siong grow market share.
In addition to the CEO’s pay increase, Sheng Siong declared a higher-than-expected dividend of 6.4 cents per share, slightly up from the previous year’s 6.25 cents.
This reflects the company’s continued confidence in its financial outlook despite external challenges.
Read on Sheng Siong’s Lim brothers getting pay increases here.
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